Shell sells Australian assets for $1.14 billion

LONDON--Royal Dutch Shell PLC has agreed to sell its 8% equity interest in the Wheatstone-Iago Joint Venture and 6.4% interest in the Wheatstone liquefied natural gas project in Western Australia for $1.14 billion in cash to the Kuwait Foreign Petroleum Exploration Company.

"Shell will remain a major player in Australia's energy industry," Shell Chief Executive Ben van Beurden said Monday. "However, we are refocusing our investment to where we can add the most value with Shell's capital and technology."

News of the sale Monday comes after Shell announced its first profit warning in a decade on Friday amid rising exploration costs and lower oil and gas volumes.

The Wheatstone-Iago Joint Venture comprises the Wheatstone and Iago gas fields, located offshore in Western Australia, while the Wheatstone LNG Project, which is operated by Chevron, is one of Australia's largest resource projects and is currently being constructed.

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